Category: Homeowners Insurance

We explore all property insurance for homeowners as well as industry updates. Renters, condo, earthquake insurance as well as flood insurance are all topics covered. Flood insurance is undergoing a slew of changes all over the world that are making headlines daily

From Crisis to Solution: How AB 226 Aims to Transform Wildfire Insurance

H. Cutner
Wildfire Insurance

California Moves to Reinforce FAIR Plan Stability Amid Wildfire Challenges California lawmakers are taking bold steps to protect homeowners and address the state’s wildfire-induced insurance crisis. At the center of these efforts is Assembly Bill (AB) 226, also known as the FAIR Plan Stabilization Act, designed to bolster the state’s insurer of last resort. With unanimous support in the Assembly and growing momentum in the Senate, this bill holds promise for easing the financial strain on an increasingly overburdened insurance market. FAIR Plan’s Crucial Role in High-Risk Areas The FAIR…

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California FAIR Plan Under Fire: Can Emerging Tools and Policies Ease the Pressure?

H. Cutner
California FAIR Plan

California’s Insurance Market Struggles Under Wildfire Pressures: Are We Headed for Another Bailout? California’s insurance market is teetering under the weight of relentless wildfire seasons, leaving consumers, insurers, and regulators to piece together a system that bears increasingly alarming cracks. With wildfires intensifying due to climate change and sprawling development into fire-prone areas, the state faces a financial quagmire deeper than anyone anticipated. Many are asking if another state-backed bailout is inevitable. The Wildfire Tipping Point Wildfires have become a year-round crisis in California, with the latest blazes in Los…

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Judge Throws Out Class Action Claiming State Farm Undervalued Home Repairs

G. Turner
State Farm Undervalued Home Repairs

Federal Court Dismisses State Farm Class Action Lawsuit Over Alleged Undervaluation of Property Damage Claims A recent decision by a federal court has brought closure, at least for now, to a contentious legal battle against insurance giant State Farm. The dismissal of a class action lawsuit alleging systemic undervaluation of property damage claims in Pennsylvania marks a significant moment in the ongoing debate over insurance claim handling practices and the software tools that power them. At the heart of the dispute was Xactimate, the widely used software for estimating repair…

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Nearly a Quarter of New Mexico Homes Are Uninsured, Leaving Thousands Vulnerable

Marc
Uninsured New Mexico Homes

The Alarming Statistic That Demands Attention It’s a startling revelation that raises pressing concerns for New Mexicans. According to a recent LendingTree report, New Mexico has earned the dubious distinction of being the state with the highest percentage of uninsured homes in the nation. A staggering 23.3% of homes in the state lack any insurance coverage, equating to roughly 133,340 uninsured homes out of the state’s 572,000. To put this into perspective, the national average hovers at 13.6%, making New Mexico’s unenviable position a stark outlier. For homeowners across the…

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Why Gen Z Is Checking Weather Maps Before Signing a Mortgage

Live Insurance News
Gen Z Is Checking Weather Maps

Weather Disasters and Rising Insurance Costs: A Barrier to Millennial and Gen Z Homeownership Homeownership has long been seen as a pillar of the American Dream, but for Millennials and Gen Z, that dream is becoming increasingly out of reach. It’s not just student loans or sky-high housing prices putting a dent in young buyers’ ambitions. Severe weather disasters and rising home insurance costs, fueled by climate change, are rewriting the rules of who can afford to own a slice of real estate. The Cost of Climate Change Hits Home…

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Are Lithium-Ion Batteries Putting Homes at Risk During Natural Disasters?

Marc
Lithium-Ion Batteries in Natural Disasters

Understanding the Risks: Lithium-Ion Batteries in Natural Disasters Lithium-ion batteries have become indispensable to modern life, powering everything from smartphones and laptops to electric vehicles (EVs) and large-scale energy storage systems. The global demand for them is projected to grow by an estimated 30% annually until 2030. However, as their presence becomes more pervasive, so do the risks they pose in the context of natural disasters. Natural disasters such as hurricanes, floods, and wildfires can severely compromise the safety of lithium-ion batteries. When exposed to conditions like saltwater submersion or…

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Louisiana’s Roof Upgrade Secret That Could Cut Your Insurance Costs by Nearly a Quarter

Angela Linders
Louisiana Fortify Homes Program

Fortified Roofs in Louisiana: A 22% Cut in Home Insurance Premiums For homeowners in Louisiana, the rising cost of home insurance has been a cause for concern, especially in hurricane-prone regions. However, fortified roofs are providing a glimmer of hope. Recent findings by the Louisiana Legislative Auditor reveal that upgrading to a fortified roof can slash home insurance premiums by an average of 22%, equating to annual savings of approximately $1,250. What Are Fortified Roofs? Fortified roofs are designed to withstand severe weather conditions, particularly high winds associated with hurricanes.…

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